Dogecoin Leaps On Elon Musk's Reported Twitter Payments Plan: Why DOGE Supporters Are Excited

Dogecoin DOGE/USD surged more than 10% to an intraday high of $0.095655 on Tuesday, extending this week's gain after a report that Twitter CEO Elon Musk may be adding a payment system to Twitter.  

With Tuesday's surge, DOGE was moving towards a 35% gain in the first month of 2023, although the meme coin has pulled back by 5.2% at the time of writing on Wednesday.

Musk has said that he wants the Twitter payments to be primarily in fiat currencies, but engineers will build the payments product so that crypto could be added in the future, reports the Financial Times.  

BREAKING: Elon Musk’s Twitter Working On Crypto Payments
may be Dogecoin official crypto in Twitter and doge go to the moon soon???@elonmusk @MattWallace888 @DogecoinRise pic.twitter.com/Pa0rO0AnIi

— Vikas Dahinwal (@vikas_dahinwal) January 30, 2023

The report said that Twitter has been applying for regulatory licenses and devising the software it needs to enable payments through the site. 

Also, a team at Twitter is creating a vault for safely storing user information so that a payment system could collect the data. 

Also Read: Elon Musk Does It Again! Endorses Dogecoin, Says He'll Keep Buying The Meme Coin

Dogecoin supporters speculate that Twitter could incorporate the meme coin into the social media site after Musk's SpaceX started accepting DOGE for some merchandise in June 2022. 

Musk's Tesla also allows the use of DOGE for buying merchandise via online stores.

Dogecoin has garnered much popularity following Musk's endorsement of the meme coin as his favorite cryptocurrency. 

Earlier in November, Musk tweeted that Dogecoin should operate more like a currency.

In April 2022, he shared a video about Dogecoin on Twitter, saying it "explains everything," which was also endorsed by Dogecoin co-founder Billy Markus, who called the video the "best cryptocurrency video in history."

Photo: courtesy of Dunk on flickr and Shutterstock.